The Bank of Ghana (BoG) has issued a strong warning to banks over compliance with foreign exchange regulations, insisting that adherence to its FX requirements remains “non-negotiable.”

Governor Dr Johnson Asiama said the central bank is consolidating various operational notices and guidelines issued under the Foreign Exchange Act into a comprehensive compendium.

The move is expected to provide greater clarity on requirements governing foreign currency accounts, international transfers and trade payments.

Speaking at a meeting with heads of banks, Dr Asiama said banks must maintain proper documentation and appropriate internal controls when conducting foreign exchange transactions.

He further stressed that funds obtained or held for specific purposes must be used strictly for those stated purposes.

“Let me emphasise that compliance with the bank's FX requirements remains non-negotiable.”

Dr Asiama repeated the warning, stressing that banks must ensure full compliance with the central bank’s foreign exchange requirements.

The Bank of Ghana says the consolidated guidelines are intended to provide greater clarity for banks and strengthen compliance across the foreign exchange market.